CarTrade Tech Ltd. (CARTRADE) AI Stock Analysis

• Market Cap: ₹79.21B
• Dividend Yield: N/A
• Average Volume (3M): 72.84K
• Price to Earnings (P/E): 60.4
• Beta (1Y): 0.96
• Revenue Growth: 22.95%
• EPS Growth: 284.54%
• Country: IN
• Employees: 1,010
• Sector: Services
• Sector Strength: N/A
• Industry: Auto - Dealerships
• EPS (TTM): 12.00
• Shares Outstanding: 47,842,934
• 10 Day Avg. Volume: 12,597
• 30 Day Avg. Volume: 72,842
• PEG Ratio: 0.82
• Price to Book (P/B): 3.67
• Price to Sales (P/S): 12.72
• P/FCF Ratio: 49.24
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 45.05
• Revenue Forecast (FY): ₹7.94B

• Rating: 64 Neutral
• Price Target: ₹1,759.00 ▼(-28.61% Downside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

Score is anchored by strong financial performance (growth, improving profitability, low leverage, and solid cash flow). Offsetting this are weak technicals (price below key moving averages and negative MACD) and a high P/E valuation with no dividend yield provided.

Positive Factors

Revenue growth & margin improvement

Consistent revenue growth alongside rising gross and net margins signals scalable marketplace dynamics and improved cost control. Over the medium term this supports reinvestment in product and dealer tools, enhances operating leverage, and underpins sustainable profitability even as the business scales.

Robust free cash flow generation

Strong operating cash flow and rising free cash flow demonstrate high cash conversion and liquidity. This durable cash generation reduces financing dependence, funds organic investment and product development, and provides flexibility for strategic actions without stressing the balance sheet.

Conservative balance sheet and low leverage

A healthy equity ratio and low debt-to-equity provide financial flexibility and resilience to downturns. This capital structure supports sustained investment in technology and dealer solutions, enables opportunistic spending or M&A, and reduces refinancing and interest-rate risks over the medium term.

Negative Factors

Revenue concentration to dealers/OEMs

A large portion of revenue depends on dealer and OEM spending for listings, leads and subscriptions. That customer concentration exposes top-line to partner budget cycles and inventory economics; sustained pressure on dealers or OEM marketing spend could materially impact revenue growth.

Auto-dealership industry cyclicality

Being tied to the auto dealership ecosystem means platform volumes, lead demand and advertising spend move with vehicle sales and macro conditions. Structural cyclicality and sensitivity to interest rates and consumer demand can create revenue and margin variability over 2-6 months.

Room to optimize asset utilization

The stated need to optimize asset utilization suggests potential inefficiencies in capital deployment or working capital. Until addressed, suboptimal asset turns can cap return on capital and limit margin expansion, reducing capital efficiency despite strong cash flow trends.

CarTrade Tech Ltd. Business Overview & Revenue Model

Company Description

CarTrade Tech Limited operates a multi-channel online automotive platform to buy and sell new and used vehicles. The company offers new car OEM solutions that provides OEMs with consumer insights and data-driven solutions for building their digital marketing strategies; new car dealer solutions, which offers customers content and research tools, such as car reviews, on road prices, car specifications, car images, car finance offers, etc.; used car dealer solutions to buy and sell their used cars; and technology solutions for OEMs and dealers, including dealer management systems and auto finance solutions. It also provides new two-wheeler OEM and dealer solutions; online and offline auctioning of vehicles comprising cars, bikes, trucks, farm equipment and construction equipment; inspection and valuation services for banks and insurance companies; and technology solutions to OEMs, banks, NBFCs, insurance companies, leasing companies, fleet owners, etc. to inspect and valuate their vehicles. The company offers its services under the CarWale, BikeWale, CarTrade, Shriram Automall, and Adroit Auto brands. CarTrade Tech Limited was incorporated in 2000 and is based in Navi Mumbai, India.

How the Company Makes Money

CarTrade Tech primarily monetizes its platforms and services through multiple revenue streams tied to listings, lead generation, dealer subscriptions, advertising, and enabling transactions. A key component is revenue from dealer and OEM ecosystem customers who pay for visibility and demand generation on its marketplaces (e.g., paid listings, premium placement, and subscription-based packages that provide leads and sales tools). The company also earns advertising and promotional income from automotive brands and related advertisers who market vehicles and services to its audience. In addition, CarTrade Tech generates revenue from technology and software solutions offered to dealers and other automotive participants (such as dealer management and related digital tools) via recurring subscriptions and/or service fees. Where the company directly enables transactions (for example, through auction/remarketing or other transaction-support workflows within its ecosystem), it can earn fees or commissions linked to successful sales and ancillary services. Specific quantitative breakdowns by stream, pricing terms, and named partnership economics are null.

CarTrade Tech Ltd. Financial Statement Overview

Summary

Strong overall fundamentals: income statement strength (Score 85) driven by improved margins and profitability, supported by a stable, low-leverage balance sheet (Score 78) and robust free cash flow generation (Score 80).

Income Statement

CarTrade Tech Ltd. has demonstrated strong revenue growth, with a significant increase from the previous year. The gross profit margin and net profit margin have improved, indicating better cost management and profitability. The EBIT and EBITDA margins also reflect positive trends, showing enhanced operational efficiency. Overall, the company has shown robust growth and profitability in the latest period.

Balance Sheet

The balance sheet remains strong with a healthy equity ratio, indicating a solid capitalization structure. The debt-to-equity ratio is low, suggesting conservative leverage use. The return on equity has improved, reflecting enhanced profitability for shareholders. Overall, the balance sheet reflects stability and prudent financial management, though there is room for optimizing asset utilization.

Cash Flow

CarTrade Tech Ltd. has shown excellent free cash flow growth, supported by strong operating cash flows. The operating cash flow to net income ratio indicates effective cash generation from operations. The free cash flow to net income ratio also supports a healthy cash position. Overall, the cash flow statements highlight strong liquidity and efficient cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.12B	6.41B	4.90B	3.64B	3.13B	2.50B
Gross Profit	3.51B	3.53B	2.41B	1.49B	-304.39M	1.16B
EBITDA	2.20B	1.23B	570.61M	174.07M	-1.49B	285.26M
Net Income	1.87B	1.35B	143.03M	339.98M	-1.32B	924.99M
Balance Sheet
Total Assets	28.20B	27.05B	25.10B	23.43B	22.81B	19.30B
Cash, Cash Equivalents and Short-Term Investments	8.24B	6.83B	6.74B	10.27B	9.06B	6.54B
Total Debt	2.29B	1.31B	1.12B	864.28M	774.55M	545.51M
Total Liabilities	3.72B	3.79B	3.53B	2.21B	2.06B	1.68B
Stockholders Equity	23.30B	22.21B	20.70B	20.43B	19.79B	16.81B
Cash Flow
Free Cash Flow	903.20M	1.66B	129.62M	411.05M	573.84M	297.60M
Operating Cash Flow	923.88M	1.71B	158.73M	482.16M	631.57M	352.04M
Investing Cash Flow	-739.64M	-1.38B	-1.10B	-165.51M	-2.81B	-3.41B
Financing Cash Flow	-141.05M	-268.17M	-329.25M	-391.22M	2.29B	3.08B

CarTrade Tech Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2463.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CARTRADE, the sentiment is Negative. The current price of 2463.8 is above the 20-day moving average (MA) of 1842.89, above the 50-day MA of 2274.87, and above the 200-day MA of 2338.00, indicating a bearish trend. The MACD of -167.20 indicates Negative momentum. The RSI at 26.43 is Positive, neither overbought nor oversold. The STOCH value of 43.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CARTRADE.

CarTrade Tech Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JUSTDIAL	74 Outperform	₹43.96B	11.09	―	―	6.97%	12.91%
TCI	70 Outperform	₹73.74B	18.01	―	0.94%	9.97%	16.28%
CARTRADE	64 Neutral	₹79.21B	60.39	―	―	22.95%	284.54%
WELENT	63 Neutral	₹63.84B	74.06	―	0.58%	9.11%	16.30%
IONEXCHANG	60 Neutral	₹50.12B	55.57	―	0.40%	11.56%	-2.78%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
MMTC	50 Neutral	₹78.76B	54.22	―	―	-17.88%	7.14%

CarTrade Tech Ltd. Corporate Events

CarTrade Tech Board Clears Q3 FY26 Results and CFO Pay Proposal

CarTrade Tech’s board has approved the company’s unaudited standalone and consolidated financial results for the third quarter and nine months ended 31 December 2025, with the figures to be made available on its website and shared with stock exchanges, marking a key regulatory and disclosure milestone for the listed auto-tech platform. In the same meeting, the board also cleared a postal ballot process to seek shareholder approval for an increase in remuneration for Executive Director and CFO Aneesha Bhandary, a move that underscores ongoing governance and leadership compensation decisions as the company navigates its growth and compliance obligations.

CarTrade Tech Delivers Record Q3 Revenue and Margin Surge on Broad-Based Growth

CarTrade Tech Limited reported its strongest quarter to date for the three months ended 31 December 2025, posting record consolidated revenue of ₹228.37 crore, up 18% year-on-year, and a 56% surge in EBITDA to ₹78.25 crore, lifting quarterly EBITDA margins to an all-time high of 37%. Profit after tax rose 35% to ₹61.52 crore (49% growth excluding the impact of the New Labour Code), while nine-month FY26 revenue climbed 24% to ₹649.02 crore and EBITDA jumped 77% to ₹185.35 crore with a margin of 32%. All key segments contributed to the performance: the Consumer Group delivered 27% revenue growth and a 43% EBITDA margin, the remarketing business grew revenue 12% with a 68% jump in PAT and a 30% EBITDA margin, and OLX India saw revenue rise 18% with EBITDA up 70% and a 37% margin, underscoring broad-based profitability improvements across the platform.

CarTrade Tech Releases Q3 FY26 Investor Presentation on Unaudited Results

CarTrade Tech Limited has shared an investor presentation detailing its unaudited financial results for the third quarter and nine-month period ended December 31, 2025, in line with disclosure requirements under SEBI’s listing regulations. The presentation, now available on the company’s website, is intended to update shareholders and market participants on its recent financial performance, offering greater transparency into its operations and serving as a key reference for investors tracking the company’s business trajectory.

CarTrade Tech Grants 75,000 Stock Options Under ESOP 2021 (I)

CarTrade Tech Ltd. has granted 75,000 stock options to an eligible employee, including a relative of a director, under its Employee Stock Option Plan 2021 (I), in line with SEBI’s share-based employee benefit regulations. The options, which convert into an equal number of equity shares and are priced at the prevailing market average without discount, will vest in four equal annual tranches over four years, a structure aimed at incentivising long-term employee retention and aligning key personnel interests with shareholder value, signalling continued use of equity-based compensation in the company’s talent strategy.